En Español



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

Saudi Aramco listing on track for 2018, CEO says - CNBC

 

 

 

By Reuters Staff

DUBAI
Petroleumworld 10 24 2017

Saudi Aramco's initial public offering will take place in 2018 as planned and the listing venue will be revealed in due course, the company's chief executive said in a CNBC interview broadcast on Monday.

“We have always said that we will be listing in 2018, and to be more specific, in the second half of 2018,” CEO Amin Nasser said, later adding: “The IPO is on track. The listing venue will be discussed and shared in due course.”

Aramco is preparing to list about 5 percent of its shares in local and international stock markets. It has yet to choose an overseas market. Nasser rejected a report that China was emerging as a frontrunner in a possible plan to delay the IPO and sell shares to sovereign wealth funds, CNBC said.

“Saudi Aramco are not talking, as I said, to the Chinese or others,” he said.

Regarding the IPO process and possible venues for the listing, Nasser said all was still being considered.

“All of that analysis is being reviewed in detail ... to make a decision at a certain stage, and we're not going to be pushed, you know, by a journalist saying this needs to be talked about or not.”

Reuters reported last week that China was offering to buy up to 5 percent of Saudi Aramco directly. The Financial Times reported earlier this month that the company was considering shelving IPO plans in favour of a private share sale to world sovereign funds and institutional investors.

Nasser also said Aramco will “meet all the requirements of that market in terms of reserve assessment” and other rules of the country where it chooses to list. He said Saudi Arabia was largely operating in line with its closest peers, such as Exxon Mobil and BP.

“I can say Aramco has always been run like a publicly traded company,” he said. “If you look at our governance, we have independent board members. Everything that has been done in the company is similar to any international oil company in terms of the way we do business.”

Saudi Arabia's Crown Prince Mohammed bin Salman said last year the country was considering listing about 5 percent of Aramco in 2018 in a deal that could raise $100 billion, if the company is valued at about $2 trillion as hoped.



Reporting by Sylvia Westall; Editing by Dale Hudson from Reuters.

reuters.com 10 23 2017

We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Nov 13-14 ;
Mexico City, Mexico

 

 

 

 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.